Business Shots

Friday, January 12, 2018

SBI to raise Rs 20,000 cr via bonds for affordable housing
Country's largest lender State Bank of India (SBI) plans to raise Rs 20,000 crore through long term bonds to fund affordable housing. SBI had earlier proposed to raise Rs 5,000 crore for the purpose. "A proposal will be submitted to Executive Committee of Central Board (ECCB)... For approval for issuance of long term bonds of Rs 20,000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5,000 crore intimated earlier," SBI said in a filing to the stock exchanges.

Higher core income boosts Indusind net 25%
Private sector lender Indusind Bank yesterday reported a 25% growth in December quarter net profit at Rs 936.25 crore boosted by higher core income. The city-based lender, promoted by the Hinduja Group, saw a 20% rise in the key net interest income at Rs 1,894.81 crore on a 25% growth in advances, while its deposits grew 23%. Fee income grew 22% to Rs 1,076.51 crore, while the spike in yields over the past few months resulted in a 17% decline in the treasury income at Rs 110 crore. Managing director and chief executive Ramesh Sobti said the bank saw a surge in demand for term-loans, which is indicative of a turnaround in the corporate sector. He said while working capital demand continues to dominate corporate loan growth, there are brownfield expansions happening for which funds are being sought.

15th Edition Of Clean India Show in Mumbai
Asia’s biggest show on cleanliness – Clean India Pulire which is the international edition of Clean India Show along with the 3rd edition of Waste Technology Expo and Expos on Linen care and Vehicle care will open in Mumbai on January 18, 2018. Hundreds of new technologies and solutions for cleaning and hygiene, Sanitation, Facility Management, Waste Management & Recycling, Vehicle Care & Maintenance and Linen care will be simultaneously showcased in the four Expos at the Bombay Exhibition Centre (BEC), Goregaon from Jan 18 to Jan 20, 2018 under one roof.

Kutchhi Trade Fair in Mumbai
JeeevanJyot Cancer Relief & Care Trust will organize ‘Prince Kutchhi Vyapar Mela’ (Kutchhi Trade Fair) from Jan 26th to Jan 28th 2018 in Parel, Mumbai. The Fair is sponsored by Prince Pipe, Green Cure and National Railway Mazdoor Union. There will be more than 400 stalls. This will be a Shopping Extravaganza consisting of readymade garments, fashion wear, arts & crafts, furnishing, home appliances, sports, handicrafts, gift articles etc. A footfall of around 1.50 lakh visitors expected during the fair. Harakhchand Savla, Founder & Managing Trustee of JeevanJyot Cancer Relief & Care Trust stated that the income generated from the trade fair will be utilized for the treatment and welfare of children cancer patients.

6th Global Kokan Fest 2018 ends on a high note
In order to promote trade and tourism opportunities in Konkan, the Konkan Bhawan Pratishthan had organized its 6th Global Konkan Festival in Navi Mumbai. The closing ceremony saw stalwarts like Deepak Kesarkar (Minister of State for Home (Rural), along with dignitaries like Rajendra Singh Rana (Ramon Magsasay Award and Stockholm Water Award winner) and Parampujya Adrushya Kadsiddheswar Swamiji attending it. Union Minister of Commerce and Industry, Suresh Prabhu was the Chief Mentor of this festival. About three to four lakh people visited during this 5-day festival. The main highlight of the festival were four major conferences namely 'Make in Konkan', 'Advantage Konkan', 'Blue Revolution' and 'Tourism'.

CSL, Mumbai Port sign MoU for ship repair management
Cochin Shipyard Ltd(CSL) yesterday said it has signed an MoU with Mumbai Port Trust (MbPT) for management and operation of the ship repair facilities at Mumbai Port trust. "As per the terms of the MoU, MbPT and CSL are to associate for utilising the Indira Dock facility at Mumbai Port to set up a professional ship repair ecosystem, that would be beneficial for the commercial as well as defence ship repair industry in India," CSL said in a statement. The MoU also provides for expansion of the ship repair capacity within the Indira Dock that may include setting up of a Floating Drydock (FDD) and upgrading existing facility at Hughes Dry Dock (HDD), thereby enhancing the existing ship repair capacity in Mumbai area.

TCS Q3 net profit down 3.6% to Rs 6,531 cr
Country's largest IT firm Tata Consultancy Services (TCS) today said its net profit fell 3.6 per cent to Rs 6,531 crore in the December 2017 quarter. The Mumbai-headquartered company had posted a net profit of Rs 6,778 crore in the October-December quarter of the previous fiscal, the company said in a BSE filing. Its income from operations during the quarter under review stood at Rs 30,904 crore, up 3.9 per cent from Rs 29,735 crore in the year-ago period, as per Indian Accounting Standard (Ind-AS). The company has declared a dividend of Rs 7 per share.

Onion price up at Rs 50-60/kg; govt says will cool down soon
Retail onion price have risen to Rs 50-60/kg in some parts of the country but the government said it is a "temporary phase" and the rates will cool down by the month-end with improved arrival of the kharif crop. Onion is being sold at over Rs 50/kg in the national capital, Mumbai and Kolkata, respectively. In Chennai, the price is ruling at Rs 45/kg, as per the official data. A similar trend prevails in small cities as well. "It is a temporary phase. Traders are taking advantage of the temporary ups and downs. But the fundamentals are strong," Agriculture Secretary S K Pattanayak told PTI.

Honda launches special editions of City, Amaze, WR-V
Honda Cars India Ltd (HCIL) yesterday launched special editions of its three models City, Amaze and WR-V. Honda City 20th Anniversary Edition petrol automatic is priced at Rs 13,74,532 while the diesel trim with manual transmission is tagged at Rs 13,82,382, HCIL said in a statement.

Skoda India appoints Gurpratap Boparai as MD
Skoda India has appointed Gurpratap Boparai as the new MD, effective April 2, and he will be reporting directly to the Skoda chief executive officer Bernhard Maier. Boparai joins the company from Fiat India, where he was serving as its CEO, the Czech carmaker said in a statement yesterday.

Aries (Mar 21 - Apr 20)You are likely to remain careful and watchful today, foretells Ganesha. And because you'll be invited to parties and other social events, your enthusiasm will remain buoyant. You will also strike the right balance between business and pleasure, says Ganesha.